Let us dwell on some economic good news. What might be considered the best news to come out of Washington, D.C., all year came Thursday, when the Social Security Administration announced that benefits will go up 5.8 percent in January.
Let us dwell on some economic good news.
What might be considered the best news to come out of Washington, D.C., all year came Thursday, when the Social Security Administration announced that benefits will go up 5.8 percent in January.
About 500,000 West Virginians - nearly 28 percent of the population - will receive the cost-of-living increase, which averages about $63 a month.
The increase will pump an estimated additional $30 million a month into the state's economy.
It's the largest cost-of-living increase since 1982.
West Virginians received benefits totaling $424 million in December 2006, the latest month for which data is available.
Sen. Jay Rockefeller pointed out that Medicare premiums will not go up in 2009. That's significant considering the fact that 368,000 West Virginians - 20 percent of the population - rely on Medicare, Rockefeller's office said.
Medicare premiums have traditionally been tied to Social Security cost-of-living increases. Rockefeller said seniors have seen their Medicare Part B premiums double over the past eight years, from $45.50 in 2000 to $96.40 in 2008. Rockefeller has argued that Social Security cost-of-living increases have not kept up with Part B premiums over the years and seniors could not stand another increase in 2009, spokesman Steven Broderick said.
nnLet us dwell on some economic good news.
What might be considered the best news to come out of Washington, D.C., all year came Thursday, when the Social Security Administration announced that benefits will go up 5.8 percent in January.
About 500,000 West Virginians - nearly 28 percent of the population - will receive the cost-of-living increase, which averages about $63 a month.
The increase will pump an estimated additional $30 million a month into the state's economy.
It's the largest cost-of-living increase since 1982.
West Virginians received benefits totaling $424 million in December 2006, the latest month for which data is available.
Sen. Jay Rockefeller pointed out that Medicare premiums will not go up in 2009. That's significant considering the fact that 368,000 West Virginians - 20 percent of the population - rely on Medicare, Rockefeller's office said.
Medicare premiums have traditionally been tied to Social Security cost-of-living increases. Rockefeller said seniors have seen their Medicare Part B premiums double over the past eight years, from $45.50 in 2000 to $96.40 in 2008. Rockefeller has argued that Social Security cost-of-living increases have not kept up with Part B premiums over the years and seniors could not stand another increase in 2009, spokesman Steven Broderick said.
nn
Brian Sommers, chief investment officer at McKinley Carter Wealth Services, said Wall Street turmoil is having an impact in West Virginia, but so far it's mostly being seen in retirement plans and stock portfolios.
Sommers is optimistic about West Virginia's economic prospects because of the strength of the coal industry.
"Despite what you read about the economy and other industries, coal is very strong, so there are some pockets relative to the coal industry that are doing pretty well," he said.
Sommers said that while he can't predict the future, "My sense would be that West Virginia might not avoid the recession but may at least miss some of it. I think coal will help prevent a severe downturn in West Virginia and will help pull us into a recovery."
He noted that coal is not only enjoying a strong domestic market, "we can't ship it fast enough" to some other countries. Sommers said he is advising some clients with extra cash to look at coal companies.
I looked at Consol Energy Inc. and Massey Energy Co. on Friday. Consol was trading at $34.92 a share, down from its 52-week high of $119.10 but up from its 52-week low of $27.62, reached Oct. 10. Massey was trading at $23.63, down from its 52-week high of $95.70 but up from its 52-week low of $17.37, also reached on Oct. 10.
McKinley Carter Wealth Services is an independent investment and financial advisory company with offices in Wheeling and Charleston.
Contact writer George Hohmann at busin...@dailymail.com">busin...@dailymail.com or 348-4836.
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